China Securities Network (Reporter Wang Wei) On Monday (October 23), the central bank carried out 110 billion 7 days, 90 billion 14 days reverse repurchase operation, and 60 billion reverse repurchase expires on the same day, with a net investment of 140 billion, which is continuous. On the fifth day, net delivery was achieved. Market participants pointed out that this week's market liquidity may be disturbed by factors such as tax payment, deposit, and end-of-month effects. However, under the flexible operation of the central bank's peak-filling, the capital fabrics maintained a tight balance.
Last week, there were 170 billion yuan of reverse repurchase due, and 355.5 billion MLFs that were due at the same time in the week have been renewed in advance, while the central bank has carried out reverse repurchase of 730 billion yuan, and realized a net delivery of 5600 from the reverse repurchase. In view of the expiration of the MLF, the central bank still achieved a net investment of 204.5 billion yuan. The recent central bank funding has clearly exceeded market expectations.
From the perspective of market performance, the market funds continued to be loose last week, and the supply of funds due during the month was sufficient. On the 20th, in the inter-bank repurchase market (deposit institutions), the interest rate of major term funds fell across the board. The overnight weighted interest rate fell 1.4BP to 2.55%; the representative 7-day weighted interest rate continued to fall 2.7BP to 2.83%; the 14-day weighted interest rate across the month also fell nearly 7BP to 4.02%, and the 21-day weighted interest rate also dropped significantly to nearly 12BP. To 4.14%.
In late October, the main perturbation factor of liquidity was tax payment. According to the notice of the State Administration of Taxation, in October, the tax and fee categories such as value-added tax, consumption tax, and corporate income tax were declared and paid, and the deadline for filing tax returns was extended from October 23 to October 25. Analysts pointed out that due to the post-tax period of this month, the effect of the merger and the end of the month has a superposition effect. The central bank increased the anti-repurchase launch last week and restarted the 14-day reverse repurchase operation, which may be mainly to hedge the subsequent tax payment pressure. However, the disturbance of the large amount of reverse repurchase this week cannot be ignored.
According to Wind's statistics, this week (October 21-October 27), the central bank's open market has 480 billion reverse repurchase maturities, of which 60 billion, 110 billion, 160 billion, 100 billion, respectively, from Monday to Friday. 50 billion; no repurchase and central bank bills expired.
"Since mid-October the central bank on the open market to overdeliver stability maintenance funds face late capital side is still expected to remain stable in the short term to maintain the central R007 unchanged at 3.3% in the vicinity of judgment." Haitong Securities 600837, diagnosed shares represented.
Shenwan Hong source 000166, attending stocks pointed out last week in September foreign exchange has a slight positive growth expected in the fourth quarter of positive growth situation will continue to occur frequently, the impact on overall liquidity slightly positive. The agency expects the central bank to maintain a stable liquidity in October, and the funding will remain stable. In addition, with the emergence of economic pressures in the fourth quarter, the margins of liquidity will slowly emerge, reversing the pessimistic expectations of the market.
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